Glencore plc (LSE: GLEN)
Hi James, The Financial Review says Glencore hope to list this year. Given BHP and Rio are heavily weighted iron ore, is Glencore worth buying?
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Answer
Hi Lindsay,
For background, Glencore is a Swiss-based multinational commodity trading and mining company, one of the world’s largest diversified miners with exposure to copper, cobalt, coal, zinc and nickel. I (James) nearly ended up at Glencore in their coal trading division around 20 years ago – no doubt that would have led to a very different life!
Glencore’s Metals & Minerals marketing division generates around 30% of group revenue, underscoring its integrated trading model — a key differentiator from traditional mining peers and a major source of earnings diversification.
- Elsewhere, copper contributed the largest share at ~32%, Coking Coal at ~12%, Zinc at ~10%, Thermal Coal at ~10%, Nickel at ~4%, Oil at ~2%, Ferroalloys at ~2%, and Aluminium at ~1%.
As you mentioned, Glencore confirmed plans to pursue an ASX secondary listing alongside its H1 2026 results, targeting admission as early as October and aiming for ASX 200 inclusion within 12-months. The move is designed to broaden the shareholder base, improve trading liquidity and strengthen financial flexibility, particularly for Australian M&A.
A key driver is access to Australia’s $4.4 trillion superannuation pool, where institutional demand for Glencore shares has been strong. The company has also argued its London listing undervalues the business and offers insufficient liquidity, having previously explored relocating its primary listing to New York before abandoning the plan.
With around 17,000 employees and major coal, copper, zinc and nickel operations in Australia, management views an ASX listing as a natural fit with its operating footprint. CEO Gary Nagle said the listing would strengthen Glencore’s profile in one of its most important jurisdictions, while confirming London will remain the company’s primary listing.
- We are bullish towards Glencore – they have high quality assets, but we view them as a higher octane version of our local heavyweights. More risk, more potential reward. Chose your own adventure!
